HELP : Need advice pertaining to an appraisal and legal obligations of an appraiser ? - Posted by Perry IL
Posted by Perry IL on December 30, 1999 at 19:52:49:
I contacted an Illinois, licensed state appraiser, to perform an appraisal on my home. I was told by the appraiser, that her policy was, fees are to be paid in advance, as she had experienced delays in being paid, and… she might have mentioned, that she had been burned by lenders in the past.
FYI, I am working with World Wide Financial, out of Southfield, Michigan, to fund a refinance on my own home. I contacted the lender and requested that the lender contact the appraiser, in order that the appraiser meet approval by the lender. The lender contacted the appraiser, and the appraiser contacted me, and stated that she had received an order for an appraisal. I took a money order for $225, over to the appraiser’s house, and gave the money order to the appraiser’s husband, as the appraiser was unavailable at that time.
The appraiser looked over my home last week, and called me today to respond to a fax that I had sent to her, stating that I wanted her to pick up the pace and get the appraisal done. I mentioned that I had contacted an alternative lender as a back up plan, and had 3 days to submit their loan package to them, per their request, and I wanted to submit the appraisal with the application.
She called me today, and said she has to send the appraisal to the lender in Michigan, because the lender sent her an appraisal order. She also said that this is required by a state regulation. I said that I am paying directly for an appraisal, and I want the appraisal in my hands. She said that the lender would have to give me the appraisal.
She had looked at my house, but had not done the paperwork that is needed to complete the appraisal. Learning that I wanted the appraisal in my hands, in order that I might shop around for a higher LTV, she recognized the need to communicate to me, that the appraisal was going to go to Michigan, and not into my hands.
I reiterated to her, that I had contacted the lender previously, and requested that the lender get a hold of the appraiser, and to be sure that the appraiser was acceptable to the lender, before I paid for the appraisal. I am being told that I have to wait for the lender to give me the appraisal.
I retorted that I paid for the appraisal and that is what I want. She said that I would have to contact the lender and that they would have to recind their order for an appraisal, before she would give the appraisal to me. I left a message on her answering machine stating that I either want an appraisal in hand, which is what I paid for, and was expecting to get, or I want my money back.
I contacted a broker friend to find out what state agency governed appraisers and established the regulations for same, and was told the following information.
Appraisal Administartion Office, Springfield, Illinois, and the Office of Banks and Real Estate, Springfield, Illinois, would be where I could find out for sure what the regulations are.
The lending institution took it upon themselves to send an appraisal order to the appraiser. I was very specific in my request for the lender to contact the appraiser, so that a determination could be made whether the appraiser met the lenders approval or not. I did not request an appraisal order be sent to the appraiser. The lender took it upon themselves to do this. I paid for the appraisal in advance, as per the appraiser’s requirement. I am now asking that what I paid for, be supplied.
Comments ? Suggestions ? Advice ?
OK CREO, sock it to me !
Thanks in advance, Perry, IL.